ChainCatcher message, August 23, the website of the Hong Kong University of Science and Technology Business School published an article titled 'Opportunities and Challenges of Offshore Renminbi Stablecoins', which points out that the development prospects of offshore Renminbi stablecoins are determined by three factors: usage demand, underlying asset supply, and policy and regulatory support.

In terms of demand, the main application of Renminbi stablecoins in the future will focus on cross-border payments. Stablecoins can leverage technical advantages such as high payment efficiency, low costs, and convenient procedures to serve the real economy.

Data shows that the total cross-border receipts and payments of Renminbi under the current account for the whole year of 2024 will reach 16 trillion yuan, which is eight times the total market value of the two major stablecoins USDT and USDC. In the medium to long term, this enormous settlement volume is expected to gradually shift towards stablecoins.